Lilly Reports Strong First-Quarter 20... (ome of $1.064 billion and earnings per s...)

Lilly Reports Strong First-Quarter 2009 Results

Date:4/20/2009

ome of $1.064 billion and earnings per share of $.97.

On a pro forma non-GAAP basis, net income and earnings per share grew to $1.313 billion and $1.20, respectively, compared with first-quarter 2008 net income of $961.9 million and earnings per share of $.88.

"Despite the downturn in the economy, in the first quarter of 2009, Lilly delivered strong financial results, with good underlying operational performance, aided in part by movements in exchange rates," said John C. Lechleiter Ph.D., Lilly's chairman and chief executive officer. "Our revenue growth included solid volume-based gains, while our gross margin percentage benefited from a stronger U.S. Dollar. These results, in combination with prudent expense management, helped us to achieve operating leverage and robust earnings per share growth."

Significant Events Over the Last Three Months

The U.S. Food and Drug Administration (FDA) Cardiovascular and Renal Drugs Advisory Committee voted 9 to 0 that prasugrel, an investigational antiplatelet agent, should be approved for the treatment of patients with acute coronary syndromes (ACS) managed with an artery-opening procedure known as percutaneous coronary intervention (PCI).
The European Commission granted marketing authorization for Efient(R) (prasugrel) for the prevention of atherothrombotic events in patients with ACS undergoing PCI. The product has now been launched in both Germany and the United Kingdom.
The Court of Appeals for the Federal Circuit in Washington, D.C. overturned a lower court decision and ruled in favor of the company in the case of Ariad Pharmaceuticals et al. v. Eli Lilly and Company, holding that Ariad's patent claims purporting to cover Evista(R) and Xigris(R) are invalid.
A bench trial was held in the U.S. District Court for the Southern District of Indiana regarding
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